Athletes as companies: LeBron, Kobe and Jordan sign with Teneo

Long compared with one another for their similar styles on the court, Kobe Bryant, LeBron James and Michael Jordan made certain they would all share the same title off the court – global businessman – as Fortune reported this week that all three mega stars have signed with consulting and advisory powerhouse Teneo to manage their brands and businesses.

It’s a big move that expands how athletes are perceived in terms of dollars, cents and the management thereof.

Since its inception, Teneo has only worked with CEOs and leaders of the world’s largest companies, institutions and governments as clients.

By bringing in individual athletes, advisory firms like Teneo and the rest of the strategic consulting complex now consider mega athletes as bona fide businesses that can benefit from the same services afforded to large multinational corporations.

Photo Credit: AP Photo/Rick Bowmer

ATHLETES AS GLOBAL BUSINESSES

In a borderless world where a sport can produce global household names, the problems faced by elite mega athletes are becoming increasingly similar to those faced by a Proctor & Gamble or a Nestle.

Now out of retirement, Denson is looking to pivot Teneo Sports’ focus towards providing individual athletes with advisory in the areas of wealth management, tax planning, personal branding, business development and strategic partnership.

This marks a tectonic shift in Teneo’s traditional sports client base, which has largely been municipal and organizations seeking advisory in the management of sporting events, notable examples being the Vancouver and Sochi winning Olympic bids.

Photo Credit: AP

CHANGING SPORTS LANDSCAPE

Larger agencies such as IMG and Octagon offer these same services in addition to athlete representation, but there’s a different feel to Teneo’s entrance into the market because it’s a firm known for expertise in financial decisions, political intelligence and regulatory proficiency.

That’s not to say IMG or Octagon can’t manage these sorts of factors for their clients, but sports agencies don’t specialize in these affairs the way as Teneo, whose advisers range from former SEC chairmans to United States senators.

Under the deal, Teneo is not replacing the army of advisers and agents who have long served the parties of Kobe, LeBron and Jordan. Instead, it is being granted an extra seat at the table and in the boardroom.

The Latin word “Teneo” has many meanings, mainly to keep on, to persist, to persevere and to endure.

But, in parlance of our times and more appropriately, it means what Kobe, LeBron and Jordan have done throughout their careers and will continue to do as they grow their global empires under the auspices and counsel of this very company: to ball.